Question: can someone give completely answer about this? EXERCISE 2 Sinar Wealth Consultancy (SWC) is a consulting firm which provides expertise in wealth and financial management.

 can someone give completely answer about this? EXERCISE 2 Sinar Wealth

Consultancy (SWC) is a consulting firm which provides expertise in wealth and

can someone give completely answer about this?

EXERCISE 2 Sinar Wealth Consultancy (SWC) is a consulting firm which provides expertise in wealth and financial management. The business financial year ends at 31 March every year. Below is the unadjusted trial balance as at 31 March 2021. Credit RM Sinar Wealth Consultancy Unadjusted Trial Balance 31 March 2021 Debit RM Cash 14,880 Accounts Receivable 14,960 Supplies 2,760 Prepaid Insurance 6,000 Equipment 13,300 Accumulated Depreciation - Equipment Notes payable Accounts Payable Unearned Service Revenue Owner's Capital Service Revenue Salaries and Wages Expense 37,800 Rent expense 12,000 TOTAL 101,700 5,220 10,000 1,960 3,750 30,395 50,375 101,700 The information below has been gathered at 31 March 2021: 1. SWC performed services amounted RM1,250 for a client in March 2021. The client will be billed at the end of the month. 2. A count of supplies on 31 March 2021 indicates that supplies of RM786 are on hand. 3. SWC paid RM6,000 for 12-months of insurance coverage on 1 February 2021. 4. Depreciation on the equipment for the year ended 31 March 2021 is RM1,044. 5. At the financial year end, the business has unpaid salary amounted RM2,500 and has earned a sum of RM2,750 from its unearned service revenue. 6. On 1 October 2020, SWC borrowed RM10,000 from Bank Rakyat Mikro-1 MEF by signing a 8%, one-year note. Required: a) Prepare the adjusting entries needed. Omit the explanation. b) Complete the worksheet for the year ended 31 March 2021 in Appendix 1. C) Prepare the closing entries as at 31 March 2021. APPENDIX 1 ADJUSTED INCOME ACCOUNTS TITLE STATEMENT OF FINANCIAL POSITION Debit Credit TRIAL BALANCE Debit Credit STATEMENT Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Notes payable Accounts Payable Unearned Service Revenue Owner's Capital Service Revenue Salaries and Wages Expense Rent expense Sinar Wealth Consultancy Worksheet UNADJUSTED ADJUSTMENT TRIAL BALANCE Debit Credit Debit Credit 14,880 14,960 2,760 6,000 13,300 5,220 10,000 1,960 3,750 30,395 50,375 37,800 12,000 101,700 101,700 4

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